Farhan Akhtar’s Finds His Strength in Small Cinema

Even as speculation swirls around Farhan Akhtar’s long-awaited directorial return with Don 3 and the uncertain status of Jee Le Zara, his production banner, Excel Entertainment, continues to quietly notch up credibility — if not blockbuster numbers.

The Excel-backed Manipuri film Boong has earned a BAFTA nomination for Best Children’s Film, a significant milestone for a studio that has increasingly positioned itself as a supporter of diverse, content-driven cinema. While it may be difficult to recall when a full-fledged blockbuster last emerged from the banner — post Raees in 2017 and the breakout success of Gully Boy in 2019 — Excel has steadily pushed boundaries, building a reputation for backing stories across genres and platforms rather than chasing tentpole spectacles.

From the comic caper Fukrey franchise and Madgaon Express to streaming hits such as Inside Edge, Mirzapur, and Made in Heaven, the emphasis has remained firmly on storytelling over inflated star vehicles. Film writer and critic Yasser Usman points out that Excel has both the resources and credibility to operate beyond the mainstream. “Excel has the money, connections, and credibility to enter and navigate the festival circuit, and the films they back are genuinely good. Boong and the BAFTA mention can help attract international co-productions and build stronger connections with streaming platforms,” he says.

Usman also notes that Universal Music’s recent stake in the company gives Excel deeper pockets, global reach, and a strong music-focused ecosystem. Unlike many family-driven studios, he feels Excel is not currently in a race to deliver massive blockbusters. “The focus seems to be on shaping taste, backing storytellers, and staying relevant as a solid brand. That said, if Don 3 and Jee Le Zara move forward, they will return to taking a big theatrical swing.”

Trade analyst Sumit Kadel echoes this assessment, observing that Excel’s films largely cater to a niche audience. “The focus has always been on the multiplex viewer,” he says, adding that several big-banner studios are currently struggling due to over-reliance on stars and familiar ideas. “Filmmaking is far tougher now. There’s a lack of originality, and inflated star costs often force producers to cut corners elsewhere. The current landscape has seen more films failing than succeeding.”

As the industry increasingly leans towards content-driven, mid-budget cinema — with producers reassessing the risks associated with star-heavy blockbusters — Excel appears to have read the room well.

Reflecting on the balance between creativity and commerce, Farhan Akhtar has previously spoken about resisting the pressure to play it safe. “With time, you’re constantly told to be cautious, to cover all bases. That’s something you have to keep battling. The minute numbers and business become the narrative in your head, you’re no longer connected to what made you want to make films in the first place,” he has said.

For now, Excel Entertainment seems content staying true to that philosophy — even if the elusive blockbuster remains just out of reach.